I would also add that, if you have not already become used to modeling in MAX, then start with Blender. Not because it is free, but because it seems to be a generally smoother transition from .blend to .dae to .pof. Use Blender 2.49b.
I base this off of a reputation I had for fixing meshes. After I got the Hatty and Cain working in game with no errors, many people contacted me to resolve collision issues and many other problems... by and large, most were MAX users. The way I fixed their issues was by simply importing to blender, and then exporting to DAE and then converting to POF. Did not change a thing with the model, but some how worked flawlessly.